In this case the MiFID failed to clear their goal.”explains Ulf Niklas. The practically successful implementation of a laudable idea of consumer protection is just difficult. It was in the hands of customers to enforce clear responses to the assessment of the interest with clear questions to the Bank Manager. In the industry hope also to see that the required signature also without appropriate explanation of the commissions from usus done in many cases and where no plaintiff, there no judge. There is already another solution – the honorary advice.”Stephanie Lehmann runs. In the course of the implementation of the MiFID we expect experts therefore a significant increase in the willingness to pay separately for a truly independent investment advice. Because only who is rewarded for his services directly from the client, can offer in fact the necessary independence. This is clearly contrary to the majority belief even frequently cheaper.” Ulf Niklas explains: hidden commissions are not competitive.

How should they? The customer does not know what he pays to the detriment of his own performance.” Prominent examples are closed investments, life insurance funds and certificates, which brought the selling bank commissions of up to 10% of the investment amount. In contrast to this, the customer can very well compare the hourly rate for his independent advice. Unreasonably high hourly rates have no chance, so from the outset.” “Stephanie Lehmann added: our own starting point goes even further: we implement for our clients on the one hand better yields and costs on the other hand, so that he can easily cover our payment from a part of his resulting more earnings already in the first year.” Ulf Niklas runs: regardless of we expect the introduction of MiFID but also in the area of independent financial service providers with a significant shakeout. The reason is the new permit requirement in the core pursuant to section 32 KWG, after the independent financial advisers in the future only as financial services institutions approved by the Federal Agency for financial services supervision (BFin) may be active. The high requirements of the BFin on the one hand and the not insignificant supervisory costs on the other hand will cause a significant shakeout at the independent international financial service providers.” “The only existing alternative to the permit application according to 32 KWG, the walking under the MiFID” a great provider and thus original competitors, their own independence and thus the decisive argument for the customer as a result limit significantly.

“” Explains Ulf Niklas: who offers a MiFID, requires a return of course – such as exposing customer relationships and the preferred recording of their own products in the sales. are the “for us a MiFID is no real alternative.” Stephanie Lehmann explained. Permission was already under section 32 KWG applied for. “This mechanism clearly at the same time, so in the context of the expected shakeout also the quality and seriousness of free consultants considerably will increase: only the strong, highly competent independent advisors with wider and more satisfied customer base are can afford to permanently own permission.” And that is in turn in the meaning of the MiFID – and the financial planning offices.